Medical Device Cybersecurity Market's $1.1B Growth by 2027

By 2027, the medical device cybersecurity market is forecasted to achieve $1.1 billion, exhibiting a CAGR of 12.2%. (1^✔ ✔Trusted Source
GlobalData predicts $1.1 billion growth in medical device cybersecurity market amid rising threats

Go to source) The rapid integration of new technology and digital health devices into healthcare systems has revolutionized patient care and diagnostic processes. The increased reliance on these devices has also exposed the healthcare industry to cybersecurity threats. There are several cybersecurity challenges in the medical devices industry, including legacy devices and outdated software. The vulnerabilities in medical devices pose significant risks, as they can compromise patient safety, privacy, and the overall integrity of healthcare systems, said the report by GlobalData, a data and analytics company.

Addressing Vulnerabilities in Legacy Medical Devices and Cybersecurity

Legacy devices are older medical devices that operate on outdated software, making them hard to update and ultimately vulnerable to cyberattacks. Additionally, a key piece of cybersecurity is training healthcare professionals who are using the tools that are at risk. Healthcare professionals should be able to recognize cyberthreats so that action can be taken quickly, avoiding the potential detrimental outcomes of cyberattacks.“The increasing number of digital health tools and the need for cybersecurity is important. However, as many digital health devices are interconnected, there is a larger attack surface, putting medical devices at higher risk of cyberattacks,” said Alexandra Murdoch, Senior Medical Analyst at GlobalData, in a statement.

According to the report, the growth is largely driven by the increasing connectivity and digital integration of medical devices, which makes them more susceptible for cyberattacks. While cyberattacks are more likely with the adoption of digital health and connected devices, there are several strategies that can be employed to mitigate said risks.“Manufacturers should ensure that their devices are compatible with regular software updates and patching to address vulnerabilities. Additionally, implementing encryption and authentication mechanisms can safeguard data transmitted between devices, and using network segmentation to isolate medical devices from other critical systems can limit the potential impact of cyberattacks,” Murdoch explained.

Reference:

1. GlobalData predicts $1.1 billion growth in medical device cybersecurity market amid rising threats - (https://www.globaldata.com/media/medical-devices/globaldata-predicts-1-1-billion-growth-in-medical-device-cybersecurity-market-amid-rising-threats/)

Source-IANS